SSS offers calamity loan, advance pensions for quake victims

MANILA, Philippines — Members of the state-run pension fund Social Security System (SSS) affected by the magnitude 7.0 quake that struck Northern Luzon can avail themselves of calamity loans and advance pensions.

In its latest circular, the SSS said residents of areas under a state of calamity can apply for a calamity loan while pensioners can get their pensions for three months in advance.

Abra as well as Bauko and Beaso towns in Mountain Province were placed under a state of calamity due to the quake.

SSS said the availment period is from Aug. 15 to to Nov. 14.

Eligible members must have at least 36 monthly contributions while overseas Filipino workers and those self-employed should have six monthly contributions posted within the last 12 months.

The loanable amount is equivalent to the one-month salary of members based on the average of the last 12 months.

The loan is payable within two years with an interest of 10 percent per annum.

Meanwhile, Labor Secretary Bienvenido Laguesma said P128.9 million in financial aid was disbursed by the Department of Labor and Employment for 16,526 quake victims.

He said the bulk of the assistance was coursed through the Tulong Panghanapbuhay sa Ating Disadvantaged/Distressed Workers or TUPAD program.